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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	8/20/2010 8:06:20 AM
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Taiwan Grew Faster-Than-Expected as Exports Weathered Risks By Chinmei Sung and Weiyi Lim Aug. 20 (Bloomberg) -- Taiwan’s economy expanded more than forecast last quarter, bolstering the case for further interest rate increases after the island’s exports weathered global risks. Gross domestic product grew 12.53 percent in the three months through June from a year earlier, after climbing a revised 13.71 percent in the first quarter, the statistics bureau said yesterday in Taipei. The figure beat the 10.15 percent median estimate of 14 economists in a Bloomberg News survey. Taiwan’s expansion affirms the resilience of non-Japan Asia to slowdowns in the U.S. and China after Malaysia reported growth of 8.9 percent this week and Hong Kong’s GDP exceeded forecasts. Rising consumer and housing prices may prompt the central bank to add to June’s unexpected decision to raise the benchmark rate from a record low. “The growth looks well above consensus, which increases the odds of rate tightening in September and December,” said Dariusz Kowalczyk, a Hong Kong-based senior economist at Credit Agricole. “The Taiwan dollar is likely to come under upward pressure, possibly triggering central bank intervention.” Taiwan’s exports are equivalent to more than half of its $355.5 billion economy and rose for nine straight months through July, propelling first-quarter GDP growth at the fastest pace since 1978. The economy, which contracted in 2009, will expand 8.24 percent in 2010 and 4.64 percent the year after, the statistics bureau forecast yesterday. Read more noir.bloomberg.com

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